Josephine Woolley
12.00
Singapore is in 7th
position among the top 10 most expensive rental locations in the world,
according to an accommodation report from human resources consultancy ECA
International.
This is up from last year’s
8th position and the 9th position in 2012.
In Asia, the city-state
remains the 3rd most expensive location behind Hong Kong and Tokyo.
The report noted that rents
for an unfurnished three-bedroom apartment in Singapore’s sought-after areas average US$5,630 psf (S$7,200).
“On-going demand for high-end properties saw rental prices in
Singapore rise by around 4 percent over the year,” said Lee Quane, Regional
Director of ECA International, Asia.
He added: “This is up from the 3 percent increases seen both
last year and the year before that, cementing the city’s position among some of
the most expensive locations for renting in the world.”
However, rental prices for a high-end three-bedroom
apartment in Singapore are still around just half that of renting an equivalent
property in Hong Kong, which was ranked the most expensive city in the world.
The report also highlighted the impact that exchange rates
have on expatriate housing allowances. For instance, rents in Singapore have
gone up two percent when converted into US dollars. This is in contrast to the
year before when, despite going up in local currency terms just as they have
done this year, rents fell one percent when the conversion was made.
In a statement, ECA said the report monitors over 180
locations and helps companies set, manage and review the right accommodation allowances
for international assignees.
Meanwhile, government data analysed by PropertyGuru revealed
that the mean average monthly rents for three-bedroom apartments in Singapore
grew from around $4,600 in December 2013 to about $4,800 in January this year.
At the same time, rental transactions for such units rose to
1,548 in January from 1,391 in the previous month.
 |
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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